NEW YORK Motorola Inc on Monday said that it would buy privately held BitBand, an Israel-based video-on-demand technology provider, to expand its home video business.
Motorola said it would integrate BitBand into its Home and Networks Mobility unity, for which the company has reportedly been looking for a buyer willing to pay $4 billion to $5 billion.
Motorola, which is losing money on its mobile phones business, did not disclose the terms of the BitBand deal. It expects to close the transaction in the current quarter.
BitBand provides Internet-based television technology to 60 operators in countries such as Holland, Italy and Russia, Motorola said.
Shares of Motorola rose 8 cents to $8.86 in morning trading on New York Stock Exchange.
(Reporting by Sinead Carew, editing by Dave Zimmerman)
Trending On Reuters
Prime Minister Narendra Modi urged more companies to make electronic and digital goods on Wednesday, reviving his campaign promise to bridge India's digital divide backed by over $70 billion in investment pledges. Full Article
India to provide roadmap for ending corporate tax exemptions in 45 days - official Full Article